There are 5 blue chips, 4 red chips and 3 yellow chips in a bag. One chip is drawn from the bag. That chip is placed back into the bag, and a second chip is drawn. What is the probability that the two selected chips are of different colors? Express your answer as a common fraction.
Explanation: If the first chip drawn is blue, there is a probability of 7/12 of drawing a chip which isn't blue second. If the first chip drawn is red, there is a probability of 8/12 of drawing a chip which isn't red second. And if the first chip is yellow, there is a 9/12 probability of drawing a chip which isn't yellow second. So, the probability that the two selected chips are different colors is $\frac{5}{12}\cdot\frac{7}{12} + \frac{4}{12}\cdot\frac{8}{12} + \frac{3}{12}\cdot\frac{9}{12} = \frac{(35+32+27)}{144} = \frac{94}{144} = \boxed{\frac{47}{72}}$.